Diana Shipping: Sale & Leaseback of m/v New Orleans and m/v Santa Barbara

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Diana Shipping announced that, through two separate wholly-owned subsidiaries, it has entered into two sale and leaseback agreements with two unaffiliated Japanese third parties for the 2015-built Capesize dry bulk vessel, m/v New Orleans, and the 2015-built Capesize dry bulk vessel, m/v Santa Barbara.

Upon completion of the transactions, which are estimated to take place by the end of the third quarter of 2022, the Company’s gross proceeds will be US$66.4 million (US$33.2 million each).

As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years and have purchase options beginning at the end of the third year of their bareboat charter period.